Bitcoin Traders Predict New All-Time Highs Up To 270,000
1min readBitcoin traders are increasingly optimistic about the cryptocurrency's price trajectory, with many predicting new all-time highs and even reaching $270,000 during this bull run. The consensus among traders is that Bitcoin is far from peaking, despite recent macroeconomic and geopolitical uncertainties.
Popular trader Alan Tardigrade recently analyzed Bitcoin's price pattern, identifying an Ascending Broadening Wedge that suggests the cryptocurrency could reach $170,000. This pattern has been forming for weeks and is expected to continue its upward trend. Additionally, Tardigrade noted a "golden cross" on the daily chart, where the 50-day simple moving average crosses over the 200-day equivalent. This signal has historically boosted Bitcoin's price by significant margins, with potential targets ranging from $152,000 to $229,000.
Other traders share similar sentiments. Merlijn, another prominent figure in the trading community, identified an inverse head-and-shoulders pattern, suggesting a breakout target of over $140,000. The neckline at $113,000 is seen as the key resistance level that needs to be overcome for this target to be achieved.
Despite the bullish outlook, there are lingering doubts about the sustainability of the current bull run. Some traders are comparing the current market conditions to the end of the last bull market in late 2021, where price rejections around all-time highs were common. Saifedean Ammous, author of "The Bitcoin Standard," cautioned corporate buyers about the potential for significant price corrections, reminding them that Bitcoin has experienced drops of 70% and 80% in the past and could do so again.
Overall, while the bullish sentiment remains strong, traders are also preparing for potential bear market conditions, acknowledging the volatility and unpredictability of the cryptocurrency market. The current bull run is seen as far from over, with many traders betting on new all-time highs and significant price increases in the coming months.
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